Home     >     Business     >    

Fosun: Foreign Media Reports about “Regulatory Authorities Asking Banks to Examine their Exposure to Fosun” are Completely False

In response to foreign media reports about “Chinese regulatory authorities asking banks and some of the state-owned companies to examine their exposure to Fosun” on 13 September, Fosun said such reports are completely false.

It is understood that Fosun has sought confirmation from regulatory authorities through multiple channels. The China Banking and Insurance Regulatory Commission (CBIRC) has not asked commercial banks to check about their financial exposure on Fosun, and many commercial banks that cooperate with Fosun have never received relevant notices.

Gong Ping, Executive President and CFO of Fosun International, said, “Fosun’s recent seemingly frequent reductions in shareholdings and divestments are a continuation of its financial strategy of balancing investment and divestment in the past few years. Fosun has been dynamically sorting and optimizing its asset portfolios. Such moves are not just for coping with the current market environment. However, we noticed that the complex external environment has raised public opinion on the disposal of the Group’s assets, resulting in a one-sided interpretation of such asset disposal, while neglecting the Group’s general principle of asset optimization, which is our long-term dynamic asset optimization.”

According to the interim results announced on 30 August, Fosun’s four major business segments of Health, Happiness, Wealth, and Intelligent Manufacturing demonstrated resilience. In the first half of the year, Fosun achieved sustainable revenue growth, its total revenue reached RMB82.89 billion, representing a year-on-year increase of 17.7%. Its enterprise operation profit increased by 35.5% year-on-year. Meanwhile, the Group’s funds remained stable. As at the end of the reporting period, cash, bank balances and term deposits were abundant, amounting to RMB117.65 billion; the adjusted NAV remained stable at HK$24.2 per share. 
Information contained on this page is provided by an independent third-party content provider.This Site make no warranties or representations in connection therewith.If you are affiliated with this page and would like it removed it please contact service@ceapress.com

XPeng Adjusts Configurations of G9 Flagship SUV in Response to High Demand for Optional Specs of Cutting-Edge Technologies

2022-09-24 08:00:00

XPeng Inc. , a leading Chinese smart electric vehicle company, today announced adjustments to the configurations of its G9 Flagship SUV, launched in the Chinese market on September 21. These adjustments reflect the Company’s commitment to customer experience, and the high demand for certain specifications of the G9, particularly the optional spec packages of cutting-edge technologies.

Daiwa and Morgan Stanley Reaffirm “Buy” Rating on Fosun

2022-09-23 00:00:00

Recently, a number of investment banks have expressed their continuous optimistic views on Fosun International Limited . Following Morgan Stanley's third recognition of Fosun International's solid financing capability and reiteration of its "Overweight" rating on Fosun International, Daiwa Capital Markets also issued a research report yesterday, reaffirming its "Buy" rating and target price of HK$10.8 on Fosun International. The firm pointed out that Fosun International’s fundamentals, funds and liquidity position are stable.

SANY wins IDC Future Enterprise Awards 2022

2022-09-23 00:00:00

Recently, SANY Group was added to the list

Redmi A1 Series: Our Most Affordable 2022 Smartphone

2022-09-23 00:00:00

6.52" large display, 8MP dual camera, and a large 5,000mAh battery, available at USD 89

Xiaomi Named One of BCG’s Most Innovative Companies of 2022

2022-09-22 00:00:00

Xiaomi is building an ever-expanding technology ecosphere spanning smartphones, wearable devices, smart home, smart manufacturing, smart electric vehicles and bionic robots, to better connect people to the world around them and improve their lives

Fosun Contributes the “Power of Fosun” to Building a World-class City of Design | The First World Design Cities Conference

2022-09-22 00:00:00